On beginning of this year, the Bitcoin community is celebrating the eighth anniversary of the world’s most popular cryptocurrency. BTC did his supporters on this opportunity a great gift, beating the ceiling of $1,000. According to the Financial Times, we have to deal with a financial pyramid, whose real value is actually zero.
The first block diged by Satoshi Nakamoto
Exactly 3rd January 2009 Satoshi Nakamoto officially regarded as a creator of Bitcoin has made release of the first block of virtual currency. BTC community celebrates this week the eighth birthday of digital money. Adding the fact of overcome by BTC value of $1000 BTC again hit the headlines of popular economic media.
Although most of them are focused precisely on the three-year peaks (as shown in the chart below), the editor of the Financial Times, Dan McCrum, called Bitcoin worthless financial pyramid.
What arguments is he using to support his thesis? He recalled inter alia achieving a record market capitalization of $17 billion US dollars, which is still extremely low compared even to unpopular, physical means of payment in emerging economies.
He states further that Bitcoin treated as a instrument for investment and speculation, cannot be a real currency. The reason for dynamic growth of the exchange rate of BTC/USD are not entirely clear policies for the entire system, which are more like a financial pyramid than real form of money.
However, we should honestly admit that part of the postulates are not fully understood. Standard currencies are also a part of global speculative markets where traders invest in decrease or increase in the value of money (as is in case with Bitcoin) playing an important role – to providing additional liquidity.
